Nickel Asia unit inks Zambales exploration deal

MANILA, Philippines – A subsidiary of Nickel Asia Corp. (NAC) signed an agreement with San Juanico Resources Corp. to explore mineral resources in Zambales province.

The mining company said Samar Nickel Mining Resources Corp. signed an operating agreement with local firm San Juanico for the latter’s mineral rights.

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“The areas covered are believed to contain nickel ore and other associated minerals that can be extracted under the MPSA (mineral production sharing agreement),” NAC said in a disclosure on Wednesday.

San Juanico has a 25-year MPSA with the Philippine government covering about 3,432.07 hectares in the towns of Candelaria and Sta. Cruz.

NAC said the operating agreement will take effect upon the approval of the Mines and Geosciences Bureau. However, the firm did not provide further details about the deal, including documentary requirements or a timeline.

Samar Nickel is primarily engaged in the exploration, mining and exporting of mineral ores, although it has yet to commence operations.

Parent firm NAC and its subsidiaries currently operate six mines: Rio Tuba mine in Palawan, Taganito and Tagana-an mines in Surigao del Norte, Manicani mine in Eastern Samar, Cagdianao mine in Dinagat Islands and Dinapigue mine in Isabela.

These mines produce two types of nickel ore, saprolite and limonite.

NAC is likewise engaged in the renewable energy business, particularly solar and geothermal, through another subsidiary, Emerging Power Inc. INQ